Moody's reviews four homebuilders

Moody's Investors Service said it placed Beazer Homes USA, Inc., Hovnanian Enterprises, Inc., M/I Homes, Inc. and Standard Pacific Corp. on review for downgrade.

Beazer has B2 corporate family and probability-of-default ratings, and B3 senior unsecured notes rating.

Hovnanian has B3 corporate family and probability-of-default ratings, Ba3 second-lien senior secured notes rating, B3 third-lien senior secured notes rating, Caa1 senior unsecured notes rating, Caa2 senior subordinated notes rating and Caa3 preferred stock rating.

M/I Homes has B2 corporate family and probability-of-default ratings, and B3 senior unsecured notes rating.

Standard Pacific has B2 corporate family and probability-of-default ratings, B2 senior unsecured notes rating and Caa1 senior sub notes rating.

The review was prompted by expectation that cash flow generation for these companies will weaken in 2009 and deteriorate further in 2010, that the macro environment will continue to be unsupportive and that access to credit will tighten, according to the agency.

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